US-based Crystal Lagoons said it has reached an agreement with A’amal Group, a major holding company with interests in the hospitality, real estate and energy development sectors, to enter the Saudi market in a big way.
As per the deal, the duo will develop real estate, hospitality as well as 10 public access lagoons (PAL) projects across the kingdom.
The scope of work includes setting up luxury complexes in coastal and inland cities such as Riyadh, as well as Jeddah, Dammam, Madinah and Al Khobar in the Eastern Province.
With this new tie-up, Crystal Lagoons, a multinational innovation company, is consolidating its presence in the Middle East, where it already has ongoing projects in the UAE, Egypt, Israel, Palestine and Oman.
In fact, the world’s two largest crystalline lagoons are located in the Middle East: District One in Dubai (30 hectares) and Citystars Sharm El Sheikh in Egypt (12.8 hectares).
On the mega deal, Alastair Sinclair, the Regional Director of Crystal Lagoons, said: “Closing a strategic partnership like this for 10 PAL projects in Saudi Arabia is a milestone that validates our uniqueness and added value as a brand.”
Sinclair pointed out that at the centre of these PAL developments are large crystalline lagoons suitable for swimming and water sports, surrounded by white sandy beaches, which are open to the public for a fee.
The complexes also have commercial areas, restaurants, weddings, hotels, concert venues, terraces, amphitheaters, he noted.
“The deal shows that the Crystal Lagoons concept and technology can bring idyllic beaches anywhere in the world, even to the middle of the desert, and create unique tourism opportunities,” he stated.